HANOI – Local tech giant FPT Corporation and Japan’s SBI Holdings have signed a memorandum of understanding to invest US$3 million in a startup called Utop, a source from FPT said.

Applying the blockchain technology of FPT, Utop will connect enterprise networks and manage and exchange reward points. Accordingly, Utop will help users accumulate and use reward points in a new and creative way at connected stores and firms.

The convenience offered by Utop is expected to upgrade many firms’ operations and help these firms gain a better foothold in the local market.

Utop was developed based on FPT’s akaChain blockchain platform, which is being deployed in many countries and provides a range of services relevant to the finance, insurance and retail sectors.

Aside from expanding the reach of firms and small stores in the local market, Utop will support them in beefing up the efficiency of their promotional and customer care programs.

“SBI and FPT have cooperated effectively over the past few years. Given the success of akaChain, the technology capacity and the large customer base of FPT, SBI strongly believes this is the most suitable moment to launch Utop,” SBI Chairman and General Director Yoshitaka Kitao said, adding that the startup has high potential for gaining ground in the coming period.